Miles for banking?

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by NYJeremy New Member January 22, 2020, 10:41 am

Miles for banking?

NYJeremy New Member
January 22, 2020, 10:41 am

Couldn’t find any info on this here so…

Last February I took advantage of an offer from Chase to open a “Sapphire Checking Account”
The deal was maintain a balance of 70K for 3 months and in return, receive 60,000 Ultimate Rewards Points.
The points were credited to my account last May.
Did anyone else take advantage of this offer?
You literally get 60,000 points for doing nothing.
Thought the folks here on my favorite how to blog might be interested.
The only downside is I got my tax forms from Chase yesterday and they added $600 to my interest earned for 2019. Totally worth it.

Just got an offer from Citi with similar terms for AA Points. About to do my research.

Good Luck all.
rickyw Community Ambassador
January 23, 2020, 5:36 pm

Jeremy, thanks for sharing! I like to think I’m as big of a points and miles fan as the rest of us, but the tax form would really start to chip away the value of this for me.

Still a great option though, assuming you have that kind of cash to put in a checking account and no other investment option
NYJeremy New Member
January 24, 2020, 7:59 am

Still worth the tax I think…
Even if I’m taxed at 50% it still works out to 200 points per $1.00
You’re probably right about there being better investment options though.

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Miles for banking?